Re: EU said to weigh extending Greek loans to 50 years
The Greeks will always get more money from the EU, because that is the very nature of the EU as a giant welfare system for entire nations. But the experiment will fail, because the euro is a fiat currency which follows the inevitable destructive path of a tragedy of the commons. Since the euro is a commonly held resource, it will be plundered to extinction. In the meantime, the party (and the money printing press) rolls on.
This short Bloomberg News report contains some fascinating statistics. The numbers have gotten so big that millions and billions don't mean anything anymore. So let me put this latest insult to the European taxpayer in perspective.
Greece has a population of 11 million. It already has gotten bailouts to the tune of 240 billion euros; that's US$29,673 per person. Now the EU is contemplating another round of bailouts, this time to the tune of only 15 billion euros or US$1,855 per person. In addition, the EU may extend all bailout maturities to 50 years, undoubtedly so that the criminal politicians foisting this insult onto the backs of the taxpayers will be long dead by the time the masses rise up and demand justice.